Cowin Tech (282880) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Cowin Tech is a machinery-and-equipment company that designs, builds, and delivers automated logistics and material-handling systems — equipment that moves, stacks, and stores materials and parts within secondary-battery, semiconductor, and display production lines — so its orders and revenue swing with the timing of customers' capital spending. In March 2026 it made a voluntary corporate-value-enhancement disclosure and signed supply contracts of ₩20.4 billion in March (8.3% of recent revenue) and ₩8.1 billion in April (5.2%), while first-quarter revenue rose 50.8% and net profit turned positive. The notable point right now is that at a P/B of 0.68x, with a forward P/E lower than its peer set and an RSI of 27.4 in oversold territory, it presents a combination of results turning up while the price sits near a bottom; but the debt ratio of 149.1% is somewhat high and equipment orders swing quarter to quarter, so it needs to be confirmed whether the first-quarter improvement carries through on an annual basis.
This page organises public market and filing data for information purposes. It is not a recommendation to buy or sell, nor investment advice. Metrics labelled “forward” are our own unverified estimates. Please verify with the original DART filings and decide at your own responsibility.
30-second brief
Pulled directly from the computed values below — not a separately written opinion.
What do the SourceComputedEstimateReading tags mean?
Source filings and exchange data · Computed calculated from public data · Estimate our own unverified projection · Reading drafted automatically, then rule-checked. See AI & Automation.
Core valuation metric
This stock's effective sub-sector is “Display Equipment” (Semiconductors & IT Components · Semiconductor & Display Equipment), a type typically read first through forward P/E.
Equipment suppliers see orders and results move sharply ahead of and behind their customers' investment decisions, so trailing profits can miss where the business is heading. That is why forward P/E — the share price against expected future earnings — is the first lens.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
That said, earnings are swinging with the industry cycle right now, so this metric is best viewed alongside asset value and the demand backdrop.
This note explains how each sector is typically valued and is educational context only, not investment advice.
At-a-glance assessment financial health · growth · profitability · valuation
- Revenue fell 36.7% year over year (3-year trend: falling).
- Most recent quarter (Q1 2026) revenue was 50.8% higher than a year earlier.
- ROE is 3.2% (controlling-interest basis). It is above the sector average.
- Operating margin is -16.4%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2025-12-31
Largest shareholder Lee Jae-hwan 18.17% (individual)
Controlling bloc incl. related parties 21.69%
With the controlling bloc holding 22%, control is maintained but the free float is relatively large.
🔎 In-depth analysis Reading
Cowin Tech is a machinery-and-equipment company that makes automated logistics and material-handling systems used in secondary-battery, semiconductor, and display production lines. Put simply, it designs, builds, and delivers systems that automatically move, stack, and store materials and parts inside a factory, and earns revenue in return. Because orders and revenue swing with the timing of customers' capital spending, watching quarterly contract disclosures alongside the flow of actual revenue recognition is the key to understanding the business. Market capitalization is not large, so a single big contract has a relatively large effect on results and the share price.
The latest close is ₩9,510 and the market capitalization is ₩111.2 billion. The price sits above its 20-day moving average (₩9,280) and below its 60-day moving average (₩11,507). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 47.8, a neutral level. The one-month change is -5.8%, the three-month change is -44.4%, and the position relative to the 52-week high is -52.9%. Relative strength versus the KOSDAQ is 30 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 30% of all stocks. Over the past three months it lagged the index by 14.7%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
The 2025 annual results were revenue of ₩154.7 billion, an operating loss of ₩25.4 billion, and net profit of ₩1.7 billion. ROE (how much is earned in a year on equity) was 1.0%, the operating margin was -16.4%, and the debt ratio (debt relative to equity) was 249.1% — profitability metrics are low because it was a loss-making year. One thing to note when reading the share metrics: the current P/E of 68.5x is a figure derived by dividing by 'last year's net profit of ₩1.7 billion,' a trough number, so it looks more expensive than it really is. When earnings normalize, the forward P/E on this year's earnings is closer to the true picture than a P/E on last year's earnings, and this stock's forward P/E is below the sector median. The P/B (how many times book value the share price is) is also 0.68x, below 1.0x — meaning the share price is set below the company's net assets. The somewhat high debt ratio should be watched, but on valuation alone it belongs in the 'cheap relative to earnings and assets' camp.
Revenue fell over two years from ₩336.0 billion in 2023 to ₩244.4 billion in 2024 and ₩154.7 billion in 2025, and operating results dropped from profit into loss — the flow of a period passing straight through a downturn in customers' capital spending. That said, the change in the first quarter of 2026 is clear. Quarterly revenue was ₩39.8 billion, up 50.8% year over year, and net profit turned positive at ₩4.2 billion, already surpassing last year's full-year net profit (₩1.7 billion) in a single quarter. The operating loss also narrowed sharply to ₩1.0 billion, showing the deficit closing quickly. The picture implied by this year's forward P/E assumes this recovery continues on an annual basis, and demand recovery and new supply contracts (₩20.4 billion in March, ₩8.1 billion in April) provide the basis. In other words, last year's weakness was close to a cycle trough, and it is natural to read the first-quarter results as a signal that it is beginning to move off that trough.
Disclosures that help gauge direction have followed through 2026. On March 26, through a voluntary corporate-value-enhancement disclosure, the company presented its own plans going forward; such planning materials serve as a first basis for the outlook if they contain figures, and as directional material if not. On March 3 and April 30 it signed single-sale/supply contracts of ₩20.4 billion (8.3% of recent revenue) and ₩8.1 billion (5.2%), respectively. The contract value and delivery period govern future revenue recognition, and whether these deals are one-off or repeatable divides the medium-term reading. Given that the timing overlaps with the first-quarter rebound, whether these contracts feed through into actual revenue becomes the yardstick for confirming the durability of the recovery.
Splitting strengths from cautions: the strength is valuation. The share price is below book value (P/B 0.68x), and this year's forward P/E on earnings is on the low side versus its peer set (HB Solution 4.49x, C&G Hi-Tech 6.22x, Hyundai Everdigm 23.41x). Add first-quarter 2026 revenue up 50.8% and net profit turning positive, and it has the combination of results turning up while the price sits near a bottom. An RSI of 27.4 in short-term oversold territory also underlines that price pressure is not heavy. The point to watch is the durability of the recovery. The debt ratio at 149.1% is somewhat high, and equipment orders swing quarter to quarter with the timing of customers' spending, so whether the first-quarter improvement carries through on an annual basis needs to be confirmed via quarterly results and delivery on the supply contracts. In short, in a scenario where demand recovery and the supply contracts feed through into revenue, the undervaluation appeal is clear; conversely, if order flow cools again, the debt burden could come to the fore.
🔎 Valuation vs peers Undervalued
A peer set of similarly sized companies by market capitalization within machinery and equipment.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| HB Solution | 4.90x | 0.50x | 14.35% |
| CNG Hitech | 6.49x | 0.91x | 11.55% |
| Hyundai Everdigm | 24.90x | 0.60x | 2.42% |
We looked first at a public-data peer set of similar market capitalization within machinery and equipment. The current P/E (how many times a year's earnings the share price is) is 65.41x and the P/B (how many times book value the share price is) is 0.63x. That said, for smaller-cap stocks, earnings swings and financing disclosures carry a large effect, so we did not draw firm conclusions from last year's confirmed-results metrics alone. The basis for the outlook box is a DART seasonality approximation.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩200.4 billion | — | ₩15.0 billion |
| Next quarter | Q2 2026 | ₩58.8 billion | — | ₩5.1 billion |
Price history Close · MA20 · MA60
The latest close is ₩9,510 and the market capitalization is ₩111.2 billion. The price sits above its 20-day moving average (₩9,280) and below its 60-day moving average (₩11,507). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 47.8, a neutral level. The one-month change is -5.8%, the three-month change is -44.4%, and the position relative to the 52-week high is -52.9%. Relative strength versus the KOSDAQ is 30 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 30% of all stocks. Over the past three months it lagged the index by 14.7%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Relative performance stock vs index · start = 100
Excess return vs index · 3M -14.71% / 6M -26.72% / 12M -23.61%
Key metrics Computed vs sector median
Valuation
The P/E of 65.41x is above the sector median (14.07x). The P/B of 0.63x is below the sector median (1.01x). That said, this P/E is based on last year's (trailing) results. With recent quarterly earnings up sharply, the trailing P/E can look higher than it really is, so a precise read is best done on this year's expected (forward) earnings.
Enterprise value (EV)
EV = market cap + net debt. It reflects cash and debt, so it captures the real cost of the whole business that market cap alone misses; lower multiples are cheaper relative to earnings or sales.
Profitability & financials
Return on equity (ROE) is 3.2%, above the sector average (2.0%). The operating margin is -16.4%. The debt ratio is 103.3%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $236.0M | $171.7M | $108.7M | -36.70% ↓ slower |
| Operating profit | $16.0M | $2.5M | -$17.9M | -806.30% ↓ slower |
| Net profit | $8.3M | $11.4M | $1.2M | -89.50% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $74.7M | $141.3M | $236.0M | $171.7M | $108.7M |
| Operating profit | $4.6M | $10.4M | $16.0M | $2.5M | -$17.9M |
| Net profit | $3.9M | $1.8M | $8.3M | $11.4M | $1.2M |
| Revenue CAGR | 4-yr avg 9.82% | ||||
Revenue fell 36.7% year over year (2023 ₩336.0 billion → 2024 ₩244.4 billion → 2025 ₩154.7 billion), and the three-year trend is 'falling'. The rate of decline widened from the prior year. Operating profit fell 806.3% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 9.8%. The two-year revenue CAGR is -32.1%. In the most recent quarter (Q1 2026), revenue was 50.8% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- —
Points to watch
- Revenue fell 36.7% year over year (3-year trend: falling).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-03-26UpdateCorporate value-enhancement plan (voluntary disclosure): review company plan source textThis is planning material the company presented itself. If it contains figures, treat it as a first basis for the outlook box; if not, treat it as directional material only. Source
- 2026-04-30ContractSingle-sale/supply contract signed (voluntary disclosure): contract value ₩8.1 billion, 5.2% of recent revenueThe contract value and term are central to future revenue recognition. Whether the deal is one-off or repeatable divides the medium-term reading. Source
- 2026-03-03ContractSingle-sale/supply contract signed (voluntary disclosure): contract value ₩20.4 billion, 8.3% of recent revenueThe contract value and term are central to future revenue recognition. Whether the deal is one-off or repeatable divides the medium-term reading. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩9,510 | ₩9,510 | Confirmed | link |
| Latest quarterly results | revenue ₩39.8 billion, operating profit -₩1.0 billion | revenue ₩39.8 billion, operating profit -₩1.0 billion | Confirmed | link |
| Annual results | revenue ₩154.7 billion, operating profit -₩25.4 billion | revenue ₩154.7 billion, operating profit -₩25.4 billion | Confirmed | link |
| Outlook/plan disclosure source text | — | — | Confirmed | link |
| Contract disclosure source text | single supply contract signed (voluntary disclosure): contract value ₩8.1 billion · vs recent revenue 5.2% | single supply contract signed (voluntary disclosure): contract value ₩8.1 billion · vs recent revenue 5.2% | Confirmed | link |
| Contract disclosure source text | single supply contract signed (voluntary disclosure): contract value ₩20.4 billion · vs recent revenue 8.3% | single supply contract signed (voluntary disclosure): contract value ₩20.4 billion · vs recent revenue 8.3% | Confirmed | link |
| Outlook box basis | DART | DART | Confirmed | link |
Recent filings Source
- 2026-05-15PeriodicQuarterly report
- 2026-04-30Single supply/sales contract
- 2026-04-01OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-01OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-01OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-01OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-01OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-01OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-01OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-01OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-01OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-01OwnershipOfficers'/major-shareholders' holdings report
📖 Plain-language glossary — expand if you are new to this
- P/E
- How many times a year's net profit the price is worth (lower is cheaper relative to earnings). The P/E here is on trailing (last full-year) results; for companies whose earnings swing fast (memory chips and other cyclicals/high-growth), a forward P/E on this year's expected earnings is more accurate.
- P/B
- Price relative to net assets (equity). Around 1x means it trades near book value; below 1x means below book.
- P/S
- Price relative to a year's revenue — useful for growth companies with thin earnings.
- Net debt / EV
- Net debt = interest-bearing debt − cash. Negative means more cash than debt (net cash). EV (enterprise value) = market cap + net debt, closer to what it would cost to buy the whole business.
- EV/EBIT · EV/EBITDA · EV/Sales
- Enterprise value against operating profit (EBIT), EBITDA, or revenue. Unlike P/E these reflect debt and cash; lower is cheaper relative to earnings power or sales.
- FCF / FCF yield
- Free cash flow = operating cash − capex, the cash actually left over. FCF yield = FCF ÷ market cap; higher means more cash generated per unit of market value.
- Intrinsic value (DCF)
- Future free cash flow (or, for some capex-heavy but profitable names, forecast earnings) discounted to today to estimate per-share value. Because it shifts a lot with the discount-rate and growth assumptions, it is shown as a bear/base/bull range, and the basis and assumptions are disclosed in one line beneath it.
- ROE
- How much profit the company earns in a year on its equity (%). Higher means better returns on capital.
- EPS / BPS
- Earnings per share / net assets (book value) per share.
- Operating / net margin
- Profit left from the core business / final profit after tax and interest, per unit of revenue.
- Debt ratio
- Debt relative to equity (%). Higher means more reliance on borrowing (norms vary by sector).
- Current ratio
- Assets convertible to cash within a year against debt due within a year. Above 100% leaves some short-term headroom.
- Interest coverage
- How many times operating profit covers the interest owed. Below 1x means operating profit alone struggles to cover interest.
- Dividend yield / payout ratio
- The year's dividend as a % of today's price / the share of earnings paid out as dividends.
- Revenue CAGR
- Multi-year growth expressed as a single yearly average (compound annual growth rate).
- RSI (short-term signal)
- Whether recent price action is overheated or beaten down. Above 70 is overbought, below 30 oversold.
- MA20 / MA60 (moving averages)
- The 20- and 60-day average price. Price above them signals a firmer short-term trend.
- vs 52-week high
- How far below the past year's peak the price sits now (%).
All figures are for reference only; how they read varies by sector and over time.
Sources: Korea FSC market-price API (data.go.kr), OpenDART, KRX/KIND — public data only.
Bong Stocks presents public-data-based information for reference only. It is not investment advice and contains no target prices, ratings, or buy/sell recommendations. Verify independently before making any decision.